WHY DID MY REALTOR REFER ME TO YOU?

     A high quality realtor knows that the key to a 
     successful transaction starts with a professional 
     mortgage broker. Any experienced realtor 
     could tell you horror stories about times
     when a client made a poor choice of mortgage
     company, and ended up with big surprises at the
     closing table, or worse, no closing taking place 
     at all! A good realtor will form relationships with
     trusted individuals who have proven themselves
     time and time again, so that they know you will
     be given the excellent service that you deserve.

     It is important to know that your realtor is NOT
     given any compensation for referring you to 
     a mortgage broker. As residential professionals,
     we just desire more referrals from you, so consider 
     the extra motivation this provides for us 
     to take great concern with your satisfaction!

     WHY SHOULD I USE A REALTOR?

     First and foremost, because you need an
     experienced professional working on your behalf.
     The realtor's commission is not paid by the buyer
     typically, but by the seller of the home being
     purchased, and it is in each party's best interest
     to have professional representation. As a seller,
     profits are generally maximized by having an
     experienced realtor market and sell your home,
     rather than deal with the headaches of trying
     to do it all on your own. Contact Melissa Tanner 
      with REMAX Elite for more questions! Click Here

     WHY AND HOW DO INTEREST RATES CHANGE?

     Many people are surprised to learn that rates
     change on a daily and sometimes hourly basis.
     Interest rates fluctuate in response to changes
     in the financial markets. The bond market is 
     generally a good indicator of the general trend 
     of interest rates. It can also be based on simple
     supply and demand of the economy.

     WHAT HAPPENS ONCE I AM PRE-QUALIFIED?

     You are ready to buy a home! Remember that it is
     very important to inform us of any changes in the
     financial information that was provided at the time
     of approval, as it may make a change in the amount
     or type of loan that you can qualify for. Never make
     major changes like buying a car or changing/quitting
     a job in the middle of your loan process!

     WHEN SHOULD I CONSIDER REFINANCING?

     The old rule of thumb was at least 2%, but this is 
     no longer the case. Many different individual factors
     need to be analyzed to determine if refinancing is
     right for you, such as the length of time you intend
     to stay in your home, or the type of loan you 
     currently hold. We are always happy to provide 
     a recommendation to you for your circumstances. 

     WHAT IS AN ORIGINATION FEE?

     Typically, it is 1% of your loan amount, and works
     exactly like a discount point. You can avoid all or 
     part of this fee by paying a higher interest rate.

     WHAT IS TITLE INSURANCE?

     It is a policy provided by the title company
     guaranteeing the accuracy of the title work done
     on your home at the time of purchase. As a buyer,
     you are required to purchase a lenders policy of title
     insurance as part of your standard closing costs,
     which only protects the mortgage company. You
     may also choose to purchase an owners policy,
     which would protect you against any loss in the
     event of any legal issues relating to the title of
     your home (claims on your property from the past)

     WHAT IS MORTGAGE INSURANCE?

     This is generally required in one form or another 
     when the down payment is less than 20%, and 
     protects the bank, or lender, in the event of loan
     default. The lower the down payment, the higher
     the risk for the lender, and thus the higher the
     monthly premium. Depending on your particulars,
     there are ways in which mortgage insurance can 
     sometimes be avoided at purchase, or dropped 
     at some point in the future. Ask Mary for more info